First Tesla Model 3 for customer to leave factory on 7th July

After that though, production is expected to jump to as many as 1,500 cars in September and a massive 20,000 cars per month by December.

The auto that Elon Musk expects to make Tesla a real industry giant, the new Tesla Model 3, was revealed over a year ago as a concept, and it had a big impact. These lucky few will be the envy of the Tesla world: over 400,000 people have put down a deposit to order the $35,000 vehicle as soon as it hits the roads. The company produced 85,000 cars in 2016. For now, Model 3 customers can essentially chose the color of the auto and the size of the wheels.

Since reservations for the Model 3 were first opened back in March previous year, more than 400,000 pre-orders have been place for the Tesla.

As we previously reported based on Tesla’s disclosed parts orders for the Model 3, ideal production execution would have meant around 80,000 vehicles delivered by the end of the year.

The first Tesla Model 3 will be completed by the end of the week, according to Tesla founder Elon Musk. Better yet, Musk said the company is set to build more plants in the near future. “We are bursting at the seams”.

Tesla has held discussions of late with officials in China about opening a factory close to Shanghai. It also comes with a 15-inch touchscreen, autopilot and space for five adults. Earlier this year, it raised $1 billion through offerings of stock and debt. Tencent Holdings an internet giant based in China took 5% of the company.

The fundraising was launched as the group continues to post quarterly losses. The offer was introduced in April a year ago and more than quarter million reservations were made in the first week itself. Revenue, however, doubled to US$2.7bn.

Musk has said Tesla plans to increase overall production to 500,000 cars per year in 2018, and get to a million cars in 2020 with the addition of the Model Y compact SUV. On Friday, shares closed at $361.61.